Savvy Home Loan Blog Presents...

     More than $1.5 trillion in adjustable rate mortgages are facing higher interest rates, and dramatic monthly payment increases.

     With the sudden increase in mortgage payments, many homeowners are facing foreclosure.

     Many lenders were pushing low-interest adjustable rate mortgages (ARMs) several years ago...

     However, the higher interest rates are now being applied, increasing monthly payments.

     Most ARMs have a 2 percent annual cap increase, but some can be as much as five percent.

     Three years ago, adjustable-rate loans were very attractive.

     However, as the Fed has continued to raise interest rates, those loans are now starting to surpass 30-year, fixed-rate loans and will continue to escalate.

     An annual three-year, fixed-rate loan adjustment is now coming due.

     As an example, that can mean a loan of 4 percent three years ago could jump to 7.7 percent today.

     Even with a 2 percent cap on annual increases, the payment will continue to escalate because the 2 percent increase will be applied again next year.

     If you're stuck in a situation where your monthly payment is going up and you've been turned down by a lender because you couldn't qualify, please contact us for a breath of fresh air and a loan aproval that is tailor made for your situation. 

     For information on refinancing:

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     Also, check out when you should get quailfied here!

     Monthly payment increases on ARMs can be dramatic. For a buyer who borrowed $200,000 three years ago, even with a 2 percent annual cap adjustment, the monthly payment will climb $224, and, it will go up another 2 percent next year.

     The increase has led to a dramatic increase in foreclosures. Homeowners, who can’t afford the increase, can either try to refinance, sell their home or face foreclosure.

  Homeowners with ARM loans should carefully examine how it affects their monthly payments and consider refinancing. Even though fixed-rate loans have risen, they may be a better option for homeowners.

     Fixed-rate, 30-year mortgages are expected to reach 6.8 percent or higher by the end of this year.

For information on refinancing

Click Here To Contact Us Today!

We Guarantee YOUR Privacy!

Also, check out when you should get quailfied here!

     Did you know that identity theft often occurs when you are obtaining your Government Free Annual Credit Report? Therefore, you must protect yourself before you become another victim of America's fastest rising crime.

So How Is Identity Stolen With The “Free Credit Report” Scam? 

     1. "Phishing" is the name of one of the primary scams. It has become increasingly popular.

     It happens when you receive emails requesting your contact and social security number from individuals pretending they are a legitimate company.

     For instance, your bank will never request your social security number or private information so that they can verify your account or check your credit.

     2. Another popular way is to go to a website advertising a “Free Credit Report.” It asks you for your name and social security number which you happily provide.

     Well guess what….. If it is a fake website, you have just had your identity stolen.

     In either case, you may actually even receive a copy of your credit report, because they forward your information to a real website which in turn sends you a free copy of your report.

     In reality, the identity thieves have started your nightmare and you don’t even know it.

     This is a very good reason of why you should NEVER put your personal information into a form from an email.

     WARNING: If it is a link from an email, don’t share your info either!

     When trying to get a credit report it is important that you know the possible scams and how to avoid them. You can receive a free credit report today by calling me at (925) 219-8662 or toll free at 1-866-874-8785 ext.1

Here are some obvious signs of Internet Identity Theft...

• Statements and bills are coming late or not at all to your home
• Collection agencies or creditors will contact you about accounts you do not have or charges you have not made.
• There are transfers or withdrawals that have not been made by you on your financial account statements
• You have been denied credit or are being offered unfavorable credit terms (i.e. a high interest rate with no underlying explanation)
• You are getting letters or calls from businesses or debt collectors about products or services that you did not purchase.

Identity Theft: How bad is it?

In the past year, 7 million people became identity theft victims. The average loss to an American is thirty hours of their time and over $500 in financial losses.

     In the last year, total personal losses have been over five billion (with a “b”) dollars.

     On average, one out of every seventy-nine shopping sprees is one involving stolen identity.

What you should do if you become the victim of Identity Theft:

1. First, alert the fraud department of the three agencies which monitor credit. Tell them you are a victim of identity theft and ask them to put an alert on your credit information. (Unfortunately, you may be required to pay for this service.)
2. In addition, get your credit report from these three large credit bureaus Experian, Equifax and TransUnion and closely scrutinize your credit reports looking for credit cards you did not order, inquiries you did not make and other suspicious activities.
3. Next report your case, including all the details to your local police department.
4. To report identity theft to the central department of the American government for fraud protection, call the toll-free hotline at 1-877-IDTHEFT.
5. Close all accounts on the credit reports that you believe were opened fraudulently utilizing your name.
6. If your bank or checking accounts, or even your ATM card, have been compromised then shut those accounts down as soon as possible.
7. Your local postal inspector should be alerted, as they undoubtedly have used your personal address info, this address needs to be immediately terminated and you should create a new postal box.
8. Contact the Social Security Administration to make sure that your name and earnings are all correct.

     When trying to get a credit report it is important that you know the possible scams and how to avoid them. You can receive a free credit report today by calling me at (925) 219-8662 or toll free at 1-866-874-8785 ext.1

     We can review your report together and help you avoid an identity theft nightmare.

     It is sad to say but our society seems to decide our value by our credit line or credit worthiness. With a good credit report, it is likely you will participate in and enjoy many of the finer things in life. However if your credit report is “challenged”, you probably will not.

     Few creditors, if any, will extend individuals with bad marks on their credit history loan options.

     But what if you had no other option? What if you were forced to choose between buying food, and making the payment on your car? What if you were prevented from making timely payments by a lack of employment, a medical emergency or some other personal crisis?

Should just one late payment result in up to ten years of being punished by having to pay higher rates and fees?

     One wonders why this system is allowed to operate as it does. In a court of law, judges will give you a chance to defend yourself before deciding your fate - this is one very important difference not to forget.

     In America, we are guaranteed the right to face our accusers before judgment can be passed.

     With your credit record, however, this is completely untrue. The credit bureaus have the final say on your credit report.

     Unbeknownst to us, creditors and credit bureaus have been trading information about us for a long time.

     They trade your personal information (name, address, social security number), they trade your private information (who pulled your credit, what you purchase, and the terms of your loan) and they trade your painful information (late payments, liens, bankruptcies.) Much of it amounts to hearsay, which can end up bringing you financial hardship.